Canaan posts net profit as equipment revenue falls
Singapore-based Bitcoin equipment company Canaan reported third-quarter revenue of 14.5 million dollars, down from 150.5 million dollars a year earlier. Net income reached 8 million dollars as cryptocurrency and derivative valuations generated gains. Its operations posted a loss, while weaker equipment demand and reduced active mining capacity lowered revenue from both main business lines.
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Equipment and mining revenue both contract
Canaan, a Singapore-based Bitcoin equipment and mining company, reported unaudited third-quarter revenue of 14.5 million dollars on 10 November. Revenue had been 31.9 million dollars in the preceding quarter and 150.5 million dollars in the same period of 2025. Equipment sales generated 4.8 million dollars, mining contributed 9.5 million dollars and other revenue was approximately 0.3 million dollars, with the components reported as rounded amounts.[1], [2]
Management attributed lower equipment sales to weaker demand, less computing power sold and lower average selling prices. Mining revenue also declined as active computing capacity fell. The company mined 133 Bitcoin during the quarter and reported installed mining capacity of approximately 10 exahashes per second, excluding joint ventures.[1]
Valuation gains lift net income
Canaan reported net income of 8 million dollars alongside an operating loss of 42.9 million dollars. Fair-value gains were 20.1 million dollars on cryptocurrency and 31.9 million dollars on financial derivatives. The company attributed the gains mainly to Bitcoin being priced higher on 30 September than on 30 June. It had recorded a net loss of 27.7 million dollars a year earlier.[1], [2]
Cost of revenue was 23.2 million dollars and gross loss was 8.6 million dollars. Write-downs on inventory, prepayments and purchase commitments totaled 8.2 million dollars, down from 25.3 million dollars in the second quarter. Operating expenses were 34.2 million dollars. Mining costs were 9.3 million dollars, including electricity, hosting and 2.7 million dollars in depreciation of deployed machines.[1]
Texas infrastructure projects require further approvals
The company said its one-gigawatt project in Duval County, Texas, had received a conditional grid classification, with further studies and approvals required. A second one-gigawatt project in Texas’s Zapata County remained at an early development stage. Canaan allocated 50 million dollars in restricted cash as collateral for infrastructure arrangements and approximately 3.3 million dollars in project prepayments. In October, Canaan completed a US land purchase for approximately 1.1 million dollars to support power infrastructure development. It also initiated a 20 million dollar share repurchase program under a 100 million dollar board authorization. Its quarter-end cryptocurrency treasury was approximately 1,875 Bitcoin under a company definition including receivables and excluding customer deposits.[1]
